Extreme Motorsports of California, Inc (ETMO.PK) Enters Into Funding Agreement for up to $3.6 Million
Extreme Motorsports of California, Inc. announced today that it has entered into an agreement arranged by Carmac Associates, Inc. of New York and Delray Beach, Florida, U.S.A. to provide up to $3.6 million in funding in a transaction to be completed in the next 60-90 days. As the funds become available, the Company will commence construction of its 2008 Extreme Security Vehicles (ESVs) for nation-wide demonstration. In addition, the funding will provide the necessary capital to begin manufacturing a line of proprietary off-road component parts, including hubs, brakes, shifting systems, as well as closing out the long-awaited Extreme Transmission systems…